RE:RE:RE:RE:RE:RE:We are going to the poll soon …..Citizen13 wrote: Our socialist system subsidizes not doing well and punishes being a saver and fiscally responsible . My mother gets zero in OAS and her friends have asked her why she bothered saving becaause the government will take care of you . I guess so if you like eating day old bread and cat food. Our public CPP " pension" system is deplorable, just like everything else the government manages . Unless of course you work for them , then youre OK . The regular private minions dont only not get that sweet deal , we pay for a lot of theirs. Not blaming anyone who has benefitted from working for the government , just sad that the rest of us dont start a revolution over the garbage CPP. I know many people who cannot ever retire in Canada.
What a load, Citizen!!! Our "socialist system" is one where taxpayers maintain a two tier safety net (OAS and GIS) for people who because of a variery of reasons end up with little income in old age.
If your mother gets sero in OAS it's because her income is over 150k a year (see my earlier post for reference to the OAS clawback calculator) As I retiree I still pay some tax and it would bother me if some of it went to your mother. WHY? She does not need it! Did the cruise lines raise the rates on Caribbean Cruises this year??? So she should get OAS??? (???)
"Our CPP pension is deplorable"?? How's that? It's fully funded for the next 75 years!!! The government does NOT manage the CPP. The only government involvement is it sets the contribution rates of employees and employers. That's it!
If you know people who can't retire in Canada it's because they were not paying attention. From it's very inception CPP was created/designed to replace ONE THIRD of the average Canadian wage after retirement. It is still its mission statement today.
The other TWO THIRDS will have to come from a combination of OAS.....PLUS one's own savings/investments. OAS won't do it alone. Gradual OAS clawbacks start at 90,997 and total clawback happens when income reaches 150,000. A good rule of thumb is if one wants a comfortable retirement figure out what your CPP+OAS will be and plan to generate at least that amount again by our own devices (other private or public sector pensions, savings, RRSP/RRIF, investment income). Even in this "socialist" country we expect you to carry (some of) your own weight.
The Canadian pension system is rated 12th out of 47 countries....You must be a big fan of countries that do better than Canada on the list...most of them are far more "socialist" than Canada is... with much higher income tax rates than Canada. Yet another example of "You get what you pay for".
https://www.mercer.com/en-ca/about/newsroom/mercer-cfa-institute-global-pension-index-2023/